Ethereum Value Drops as Bitcoin Price Goes Past $670

Now that the bitcoin price is increasing again, Ethereum seems to be losing some of its reclaimed ground in the BTC market. That Is not entirely unexpected, as similar patterns have emerged over the past few months. Looking at things from a USD value perspective, one ETH is worth US$12.2 at the time of writing.

Ethereum Dips To US$12

TheMerkle_Trading Charts ETH Bitcoin

The past few weeks have not been overly kind to the Ethereum community. The DAO losing a lot of funds, developers scrambling to find a solution, and eventually soft forking Ethereum. No one had expected things to take such a drastic turn of events in just a few weeks. Alas, these are the cards the community has been dealt, and they are coping with it quite well so far.

Unfortunately, all of these issues and concerns have affected the Ethereum price as well. For quite some time, the values held strong in both the USD and BTC markets, but things have started to slide. On June 28th, the Ethereum price started declining in the USD market. Whereas one ETH was worth US$12 in the early hours of that day, it dipped to US$11.75 that same day.

Ever since that drop, there has been a slight price correction to above the US$12 level again. But there is a lot of sell pressure across the markets right now, and gaining any significant value may be difficult at this stage. The Bitcoin price increase over the past 18 hours makes traders eager to switch between ETH and BTC and follow the profits.

On the Bitcoin side of things for Ethereum, there is a lot of sell pressure over these past few days. Albeit ETH was holding firm at 0.02232 BTC on June 26, things have gone downhill ever since. At the time of writing, one Ether was valued at 0.01826 Bitcoin. Depending on how the Bitcoin price evolves, more red candles may start appearing on the charts in the coming hours.

Bitcoin enthusiasts will rejoice at the news of BTC finally moving upwards again. After a few days of downward pressure and sideways action, things are started to look up again. It has been a while since the Bitcoin value surpassed US$670. Interestingly enough, the itBit exchange is driving a lot of USD trading volume into the Bitcoin space right now.

Images credit 1,2

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.